Short

Lingrid | GOLD short-term RETRACEMENT from RESISTANCE zone

Updated

has reached the 2670 level, but overall it appears to have lost bullish momentum as it spent a day in a range zone. Given the creation of a bearish divergence, I believe the market may pull back from this resistance. If upcoming news doesn't provide a catalyst for upward movement, I expect the market to move below the previous day's low. We don't yet know what the outcome of the economic data release will be. However, there is a higher chance of significant fluctuations in the market today. My target is support level at 2645.

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Trade active

The price has bounced perfectly off the resistance zone drawn yesterday, suggesting the possibility of a head and shoulders pattern forming. The market rebounded and closed below the 2672 resistance zone on the daily timeframe, showing importance of that level. It appears that the price has pulled back to the consolidation zone and may remain there until next week. Additionally, on the weekly timeframe, the market is in overbought territory, which suggests that we could see a deeper pullback in the near future. I expect the market continue move sideways untile next week. My target is support level 2649.50

Trade closed: target reached

Target reached 🙌 +370 Pips

Lingrid

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